A chart shows Top 10 healthy automotive brands in Việt Nam in 2024. — Photo courtesy of Decision Lab
Toyota continues to lead as the healthiest automotive brand in Việt Nam, the Decision Lab Automotive Rankings 2024 has shown.
Mercedes-Benz and Honda follow closely behind, securing the second and third positions, respectively, followed by BMW and VinFast.
Released by Decision Lab, YouGov's exclusive partner in Việt Nam, the ranking uses the YouGov Index Score, a comprehensive measure of brand health, by averaging six metrics including impression, quality, value, reputation, satisfaction and recommendation.
Looking at the Index scores, it is apparent that there is a significant gap between the top five brands and those ranked lower. This disparity suggests that the leading brands have established a more robust brand performance, likely due to factors such as perceived quality, customer satisfaction and overall reputation.
The strong showing of VinFast, a relatively new entrant, is particularly noteworthy. Despite its short history, the Vietnamese automaker has managed to surpass many established global players, achieving not only an increase in its Index score over the period but also leaping to the first position in the northern region.
This success can be attributed to VinFast's aggressive marketing strategies and its ability to tap into the growing demand for locally produced vehicles. Moreover, VinFast's innovative approach of venturing into the ride-hailing app market has proven to be a strategic move that has further bolstered its brand metrics and market presence.
In the regional rankings, Mercedes-Benz and Toyota demonstrate their widespread appeal by securing position in the top three across all regions. BMW and Honda also exhibit strong performances, maintaining their status as favoured brands in the northern, central and southern regions of the country, highlighting their ability to cater to the diverse preferences and needs of consumers in each distinct market.
CEO at Decision Lab, Thue Quist Thomasen, said: "The Decision Lab Automotive Rankings have remained relatively stable this year, with few significant changes in the positions of major brands.
"However, as Vietnamese consumers tighten their belts and reduce their spending, especially on cars, makers will face new challenges. In light of this shift in consumer behaviour, brands must be proactive in adapting their strategies to navigate the changing market landscape.”
Seperately, Decision Lab Index of consumer sentiment for July 2024 reveals that Vietnamese consumers are spending less on vehicles compared to the same period last year.
The data indicates an approximately 18 per cent reduction in spending over this period. This trend underscores the importance for automotive companies to assess their brand health in the Vietnamese market and adapt their strategies accordingly. — VNS